“It’s a classic oversold bounce after Draghi’s comments yesterday and the noise on Japanese stimulus overnight, the question is where do we go from here,” said Veronika Pechlaner, who helps oversee $10 billion at Ashburton Investments, part of FirstRand Group.

The answer appears to be up for many analysts. Bloomberg reports that forecasters expect the S&P 500 to extend its rebound from the Wednesday low to 19 percent by December while European strategists see the region’s benchmark finishing 2016 about 18 percent higher than Friday’s close.